In The World Of Insuring NFL Athletes There Is Only One Big Daddy

Darren Heitner
, ContributorI cover the intersection of sports and money.Opinions expressed by Forbes Contributors are their own.

Richard Salgado estimates that roughly 75% of prospects training in advance of the National Football League (NFL) Draft have some form of insurance policy. If you have never heard the name Richard Salgado, there is a good reason for that. Salgado of Coastal Advisors is more commonly known throughout NFL circles as "Big Daddy", and is the insurance go-to guy for some of the most popular players in the league. Big Daddy believes that the 75% figure needs to be escalated, but he notes that his industry has come a long way since he first started selling insurance in 1994. He estimates that only about 10% of pre-Draft players were insured when he began pushing insurance policies.

Asked for a reason why athletes have become determined to be insured prior to hitting the professional football field, Big Daddy stated that it is due to more people trying to sell insurance and more players finding out about it. However, Big Daddy could not care about his competition. In the past five years, he has insured more than 25 first round picks including Chicago Bears guard Kyle Long, New York Jets defensive end Mo Wilkerson and free agent wide receiver Kenny Britt. Some of his newest clients are NFL Draft prospects Tre Mason (Auburn) and Brandon Coleman (Rutgers), along with Indiana Pacers guard Lance Stephenson.

Big Daddy has one line to players not insured: "Call and meet with me."

FORBES had a chance to speak to Big Daddy after he returned from the NFL Combine in Indianapolis, which is an annual trip that he takes to see current clients and meet potential additions to his growing list of insured athletes. Unlike many of the agents and financial planners who touch down in Indianapolis, Big Daddy only spends a few days around town, working the room, getting in front of the agents and chasing people down for premiums.

"I go [to the NFL Combine] for 2 days and I'm done," said Big Daddy. He exudes the confidence of a superstar; somebody that everyone that he cares about has heard of. "Everyone knows who Big Daddy is, but what does Big Daddy do? I don't work for Nike, even though everyone thinks I do. I am the most important important thing for an athlete or a coach. When these guys are all playing and coaching they need an agent. When all that ends what do you need an agent for? Insurance guy? You have a family, you have to protect the family. Have a house? Have to protect the house. Have a car? Have to protect that car."

Not only does Big Daddy think that a good insurance agent is important for an athlete, he is convinced that what the players need is Big Daddy on their team. "Look at my client list; it speaks for itself," said Big Daddy to FORBES. "Who goes on FOX News 10-15 times a year and talks about it? Everybody knows I have a name and a Rolodex that can compete against anybody. Delta Airlines has been my sponsor for 3 years. People
Google me now."

Big Daddy does not lack bravado. However, despite his flamboyant and boisterous persona, he has a big heart and cares about his clientele. The Big Daddy Golf Classic has benefited the Health & Humanitarian Aid Foundation and
St. Jude Children's Research Hospital. He also says that he is in his field because players are not getting the correct guidance, and he wants to change that. "You have people who think they understand the insurance business, but they really don't," said Big Daddy. "Oftentimes players buy into insurance products that are not beneficial for the insured."

The bottom line is that for NFL-bound players, purchasing an insurance policy is about protecting their futures. Whether that policy is obtained through Big Daddy or another insurance agent, the player will have a line of protection in came something happens to him while at training camps or workout facilities. Roughly 75% of pre-NFL Draft players are insured today, but it may not be long until that number inches close to 100%.